Not wrong. Feel free to do your own tests. With a 36 str build with 12 ironflesh you shouldn't insta drop from a headshot unless ur not wearing a heavy helmet.
Headshot dmg is odd atm I am not considering it in my statement of "Not the most damaging weapon" I am only considering all other hit locations other than hit location 9 (head) which does have high dmg *on all projectiles*
As is for a body shot with an arbalest most melee weapons with 5 ps will out dmg the arbalest. This is a very true statement. However, I do see your point you are including headshots where I am not because I'd like to nerf headshot dmg.